The IPO market has seen a significant decline in activity over the past three years, with fewer IPOs than during the Global Financial Crisis and the dot-com bubble. Despite the S&P 500 trading at all-time highs, IPO activity remains almost nonexistent when measured as a percentage of the S&P 500 market cap. Companies are hesitant to go public, with some notable firms like SpaceX, Stripe, Canva, Databricks, Wiz, Deel, and Anduril remaining private. The valuation landscape has also shifted, with unprofitable companies seeing valuations at approximately one-third of what they were in 2021, even with 20-40% revenue growth. No SaaS companies are expected to grow over 40% in the near term, even unprofitably. Companies like Salesforce, Amazon, Cisco, Dell, Microsoft, and Apple went public at sub-$20B valuations, while Airbnb, Snowflake, Slack, Uber, Facebook, and Google had $20B+ valuations. OpenAI remains private at a $150B valuation.